DCCI organizes Selangor-Dubai Entrepreneurs' Summit

Organized by the Chamber at Sheraton Dubai Creek Hotel, its aim is to activate the economic relations between the business communities in Dubai and the Malaysian state of Selangor through attracting investors to set up various enterprises in this state. The Malaysian delegation to the summit was presided over by His Excellency Dr. Mohammed Khir bin Toyo, Chief Minister of Selangor.

The summit was attended by Mr. Sultan Majid Lootah, Director of Business Promotion at the Department of Trade and Industrial Development in DCCI, His Excellency Tang See Hang, Selangor State Executive Councilor, His Excellency Mokhtar bin Ahmad Dahalan, Selangor State Executive Councilor, and Dr. Abdul Munit bin Kasmin, Deputy State Secretary.

Al Mutaiwee welcomed the Malaysian delegation and stressed the importance of such gatherings and conferences in strengthening the bilateral trade relations between Dubai and Malaysia which both countries are keen to develop, as Dubai offers various opportunities of investment to the Malaysian business community in fields of trade, exports, travel and tour operators, transport, banking, consultancy services and other business opportunities.

"Dubai has grown into a world-class business center due to its strategic location on the crossroads of East and West," said Al Mutaiwee, adding that Dubai, is a leading regional business hub, it offers access to a market of outstanding potential serving more than 170 shipping lines and 86 airlines.

The DCCI's director general invited the leading Malaysian companies engaged in trading, banking and financial services, tourism, information technology, manufacturing and communication to establish direct and joint investments with their counterparts in Dubai and Dubai Free Zones.

He pointed out that Malaysia is one of the important trading partners of Dubai. In the last five years, the total bilateral trade between the two partners has increased by 224% while the compound annual rate of growth was 24.57%.

Dubai's total foreign non-oil trade with Malaysia reached AED 3.9 billion in 2004. The value of Dubai's imports from Malaysia in the same year hit AED 3.7 billion, while the value of Dubai's exports to Malaysia reached AED 121 million in 2004, and Dubai's re-exports to Malaysia in 2004 reached AED 37.4 million.

"We look forward to consolidating the relationship with Malaysia. We also appreciate the key role played by the Malaysian Business Council which is operating under the umbrella of the DCCI in supporting the activities of Malaysian businessmen in the UAE and its role in strengthening the trade relations between the business communities in the UAE and Malaysia," said Al Mutaiwee.

DCCI's are ready to extend all possible facilities and cooperation with the Malaysian business community to set up business interests in Dubai and promote joint ventures and direct investments in both countries. Al Mutaiwee encouraged the Malaysian businessmen to continue organizing exhibitions and increasing the number of visiting delegations and missions to Dubai.

Hi Excellency Tang See Hang, Selangor State Executive Councilor, conducted a speech during the summit in which he underlined the importance of this gathering which aims at discussing the best ways for bilateral investments and encouraging the businessmen in Dubai to start different projects in Selangor state.

"We look forward to attracting more businessmen and investors from the UAE to set up ventures in Selangor, and that would help increase productivity and encourage the industrial sector, as Selangor state is the most important and most advanced economic province in Malaysia," said Hang.

He noted that Selangor contributes by almost 25% to the total national economy of Malaysia. It is the biggest contributor in the Malaysian industrial sector with 60.8% of the total GDP of Malaysia, and with 36.5% of services sector.